The Theory of Production

Contents & notes: what this topic covers

Under The Theory of Production, the JAMB Economics syllabus expects you to study:

• 8. The Theory of Production a. Meaning and types of production b. Concepts of production and their interrelationships (TP, AP, MP and the law of variable proportion).
• c. Division of labour and specialization d. Scale of Production: Internal and external economies of scale and their implications.
• e. Production functions and returns to scale f. Producers’ equilibrium isoquant-isocost and marginal analyses.
• g. Factors affecting productivity.

Study notes & guidance

Study The Theory of Production using a recommended Economics textbook that follows the JAMB syllabus. Work through the contents listed above one by one, make brief notes in your own words, and then practise as many questions on this topic as you can — in Economics, understanding and steady practice matter far more than memorising. Use the objectives below as a checklist: if you can do each one confidently, you have mastered this topic.

Objectives — candidates should be able to

After studying The Theory of Production, you should be able to:

1. (i) relate TP, AP and MP with the law of variable proportion; (ii) compare internal and external economies of scale in production and their effects; (iii) identify the types of production functions (iv) compare the different types of returns to the scale and their implications; (v) determine the firm’s equilibrium position using the isoquant-isocost and marginal analyses. (vi) identify the factors affecting productivity.

These objectives are from the official JAMB syllabus. Use them as a checklist — if you can do each one confidently, you have mastered this topic.

Source: official JAMB UTME Economics syllabus (IBASS, jamb.gov.ng). Reproduced for study use. Last checked: 17 Sept 2026. Always confirm the current syllabus on the official portal.